[ by Howard Haykin ] Lloyd Blankfein, CEO of Goldman Sachs, spoke at the Economic Club of Chicago on Wednesday, addressing a range of hot button topics - one of which is the European crisis, which he said is at "a very critical moment." Blankfein on Europe. Mr. Blankfein's opinion is that: "If Europe fails, it won’t come back for a couple of generations." Choosing not to offer any predictions, Mr. Blankfein said the only thing certain is that "no one knows" what the outcome will be.  Germany, he said, "holds a lot of cards," but everything it has done "is consistent with giving support but not giving support." It's his personal opinion that Germany must insist on structural reform when it gives economic support, but if taken too far it could essentially make certain nations "wards of the German state." Mr. Blankfein’s remarks on Europe were part of a wide-ranging Q&A session at the event attended by about 100 people, including well-known Chicago figures like CBOE CEO William Brodsky and former Goldman board member John Bryan.  Greg Brown, the CEO of Motorola Solutions, was the session’s lead questioner. Blankfein on How Long He'll Stay at Goldman Sachs. In respond to questions, Mr. Blankfein threw cold water on suggestions that it might be time for him to retire: "I am 57. What am I going to do with the other 60 years of my life?" Blankfein on the Financial Industry. Mr. Blankfein noted that, while companies are struggling to post higher returns in the face of new regulations and increased capital requirements - which has resulted in lower returns and stock prices - there were still opportunities for outsize revenue growth. Taking China as an example, he said the firm can really excel there because it is one of just a handful of global banks operating in the country.  Goldman is particularly bullish on China. As for the U.S. economy, he said it was "muddling along."  The economic recovery here has been slow in part because there are still "huge uncertainties" elsewhere. Blankfein on Dimon. On the same morning that Mr. Blankfein was speaking in Chicago, JPMorgan Chase‘s CEO Jamie Dimon was testifying before Congress about how is firm lost at least $2 billion on a big trade that shouldn’t have blown up.  The incident set off alarm bells on Wall Street and strengthened the resolve of lawmakers arguing for legislation to curtail risk-taking by big banks. Mr. Blankfein, no stranger to Congressional testimony and 'grilling', joked he was glad not to be in Washington on Wednesday, adding that no one at JPMorgan asked him for any tips on dealing with angry lawmakers, “Even though we are one of the top advisory firms, I am amazed no one as come to us for advice,” he said. For further details, go to:  [Dealbook, 6/13/12].